GMDC fund now worth only $3.9-million

  • Mar. 20, 2009 1:00 p.m.

The value of the Greater Massett Development Corporation’s investment fund slipped substantially during 2008. The fund was worth $3.9-million on Dec. 31, 2008, compared to $4.7-million a year earlier, said GMDC chair Trevor Jarvis. Mr. Jarvis said the fund value fluctuates and the $3.9-million figure is simply a snapshot of its value on one particular date. “Two days later, it could be dramatically different,” he said. However, he agreed that the general trend is not good. The investment fund is being plagued by the same market turmoil that has slashed values around the globe. The GMDC started out with about $10-million, but has spent part of that over the past 11 years, mainly to operate the recreation centre. Last summer, the board decided to shut down the rec centre and shelter its remaining funds. Directors intend to eventually use this fund to generate income to help with the operating costs of a new recreation centre. The GMDC’s investments are made up of two funds: an unrestricted fund worth about $915,000 as of Dec. 31 and a restricted fund (also known as the “greenfield fund”) still worth its original $3-million. The greenfield fund cannot be spent on anything except demolition of the former military buildings, and was given to the GMDC by the federal government specifically for that purpose. The GMDC can spend any interest generated by the greenfield fund on whatever it wants.

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